Many people have always had an entrepreneurial bent of mind. They have always wanted to do their own thing, own their business and earn handsomely. However, there are many compulsions, which have forced them not to take that step.
While the majority among us settle for our regular 9-5 jobs, a few take the plunge. While some are successful, the vast majority fail. However, what if we were able to reduce the risks, do both and give ourselves a fair shot at being successful?
In this article, we will look at how people can successfully start a side hustle. If you have wanted to give your girlfriend that pricey Tiffany’s ring or get your hand on the newest Porsche, then you should pay attention to this article.
5 Things to know before you start a Side Hustle
Can you devote enough time to your side hustle?
When we start, we are more than positive and eager. However, over time, pressure, struggle, and time management become huge problem areas. If you are starting something, make sure to devote adequate time to the same.
You cannot expect something to be successful overnight. This means that you need to be patient and put in the couple of hours that you had promised yourself every day. Unless you are able to manage your time, your side hustle is going to die a premature death.
Do you have enough financial resources to fund or invest?
Most people, who start side hustles like Dropshipping, Vlogging and so on, do so on minimal budgets. However, every business needs a steady stream of investment until it turns profitable. It is important to budget your investments carefully.
You would need to invest in your side hustle for some time in order for it to turn profitable. Decide on the time period and the investments well before your procedure. If you do not follow through, you might lose all your investments.
Is there a clear plan of action for the future of your side business?
‘I have done this, now what is next?’ This is a question, which has killed many businesses. It is important to have a plan of action going into the future for your business. This should include your marketing, sales, operations, overheads and so on.
If you are successful, you will keep thinking about when to quit your regular job and do this full time. For example, many people who started earning through cryptocurrency trading ended up spending the majority of their time on credible platforms like the Crypto Trader.
Is your family going to accept and put up with the challenges of your side hustle?
Imagine you have a beautiful family- wife, two kids, and a pet dog. You spend ten hours outside the house for your regular job. You come back and spend another two to three hours on your side hustle. Do you think they will be able to adjust to your ‘not being there’ routine?
It is important to talk to your family and take them into confidence regarding your side business. Your absence should not take you away from your kids and your wife. It is important to maintain a balance between working and family matters.
Do you have a Plan B in case your side business fails?
Not everything, which you do, is going to be successful. You have invested money, time, energy and effort, but it did not work out. In such a case, you always need to accept failure and move on. It is easier said than done, but you will have to follow through.
Think about what you can do next. May alter your business model, or use different marketing tactics. Be ready to think out of the box and always have a back-up plan to bail you out.
Starting a side hustle might sound very tempting. However, it has its own set of challenges and risks. If you are able to satisfy the above five points listed in the article, you will be in a better and more prepared position.
Can you help us with some interesting and high earning side hustles that people can explore in 2020? Let us know in the comments section below.